Indonesia Energy (NYSE:INDO) Trading 0.7% Higher – Should You Buy?

Indonesia Energy Co. Limited (NYSE:INDO) shares shot up 0.7% during trading on Friday . The company traded as high as $2.80 and last traded at $2.80. Approximately 122,230 shares were traded during mid-day trading, a decline of 92% from the average session volume of 1,593,545 shares. The stock had previously closed at $2.78.

Indonesia Energy Trading Up 0.7%

The stock’s 50-day simple moving average is $2.80 and its 200 day simple moving average is $3.48.

Hedge Funds Weigh In On Indonesia Energy

A number of institutional investors have recently modified their holdings of INDO. R Squared Ltd lifted its holdings in shares of Indonesia Energy by 201.2% in the fourth quarter. R Squared Ltd now owns 45,814 shares of the company’s stock worth $134,000 after acquiring an additional 30,601 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Indonesia Energy during the fourth quarter worth about $90,000. Two Sigma Investments LP boosted its holdings in Indonesia Energy by 18.0% in the third quarter. Two Sigma Investments LP now owns 29,892 shares of the company’s stock valued at $90,000 after acquiring an additional 4,550 shares during the last quarter. Goldman Sachs Group Inc. bought a new stake in Indonesia Energy in the first quarter valued at approximately $69,000. Finally, T3 Companies LLC acquired a new stake in Indonesia Energy during the 4th quarter valued at approximately $71,000. Institutional investors and hedge funds own 0.51% of the company’s stock.

About Indonesia Energy

Indonesia Energy Corporation Limited (NYSE: INDO) is a coal-focused energy company principally engaged in the exploration, development and production of thermal coal resources in Indonesia. Headquartered in Jakarta, the company leverages Indonesia’s abundant coal reserves to supply power generation markets at home and abroad. Its business model centers on identifying high?quality coal seams, securing mining concessions, and advancing projects from exploration through to commercial production.

The company’s core assets are located in South Sumatra Province, where it holds adjacent coal concessions that offer access to steam coal suited for electricity generation.